Herman Cain and the Federal Reserve:
By: Aaron Reale of Either Learn or Leave
“[Back] Then, we didn’t have a 14 Trillion Dollar National debt that we were trying to pay off with the Federal Reserve printing money to buy our own debt, that’s like incest! We never even dreamed of that.” ~ Herman Cain
Recently there has been a video circulating around the internet
(mostly to Ron Paul fans) entitled “Herman Cain says: “No Need To Audit
the Federal Reserve” WTF!” Because of this video’s title, some people
have gone into it with preconceived and fallacious ideas about what
Herman Cain actually believes. Reading some of the comments on Cain
videos, and talking to some people (mostly Libertarians) I was amazed at
some of the pejorative and hateful vitriol that was being said about
Mr. Cain. Here is just a sampling of what I’ve seen:
“Herman Cain is a Globalist!”
“Herman Cain is not an outsider, he is an insider!”
“He is a Liar!” “He is a Fool!” “What a Scumbag” “What an Uncle Tom!”
“One more corporate puppet accounted for” “Screw you Herman Cain!!!!…I guess they already bought you. You make me sick you piece of crap. You sold our country out along with your soul and you’ll pay for it when your time comes.”
“Herman Cain is just backing up his buddies at the FED”
(In regards to him working for the KC FED) “He was on the board of (Expletive) Directors!”
(Authors Note: Many of these messages were followed by Ron Paul 2012 messages… just saying)
It is because of these messages and others like them that I have set
out to disprove a false assertion; the assertion that Herman Cain is
against auditing the Federal Reserve. I will be using Herman Cain’s own
words from said video, as well as four different interviews to prove
that this argument against him is baseless and simply untrue.
The first question we must ask (in regards to the “WTF” video) is:
“What does the audio actually say?” To answer that question, let’s look
at the complete text from the video:
“Here’s what I do know: the Federal Reserve already has so many internal audits its ridiculous. I don’t know why people think we’re going to learn this great amount of information by auditing the Federal Reserve. Now I no longer serve on the board of the Federal Reserve, I’m not being defensive of the Federal Reserve, in fact some of the policies, some of the actions of the Federal Reserve today, I don’t agree with! Because the attitude and the non-politicization of the 90’s when I served on it is totally different than what’s going on today. But people who say we ought to audit the Federal Reserve because we don’t know enough about it, well; here’s the advice I’ve given to people who are worried about an audit of the Federal Reserve: Call them up and ask them if you can stop by and have one of their PR people or one of their public relations people explain to you how the Federal Reserve operates. I think a lot of people are calling for this audit of the Federal Reserve because they don’t know enough about it. There is no hidden secrets going on in the Federal Reserve to my knowledge, and I tell people; you know we got 12 Federal Reserve banks, find out which district you are in, call them up and go from there. We don’t need to waste money with another commission or an audit that’s not necessary. Because folks, we’ve got a lot of other problems we need to worry about.”
Now my question is how anyone can get from that audio/text that
Herman Cain is against auditing the Federal Reserve? The fact is that he
never once said he was against it, he said he didn’t think it would do
that much good. Now we must ask ourselves, why would he have that
opinion?
His first reason is that:
“The Federal Reserve already has so many internal audits it’s ridiculous. I don’t know why people think we’re going to learn this great amount of information by auditing the Federal Reserve.”
So his first point of reasoning is that he doesn’t think we would
learn much from an audit of the Federal Reserve, especially when the Fed
has so many Internal Audits. Let’s move on to his second point of
contention, which is:
“There is no hidden secrets going on in the Federal Reserve to my knowledge.”
Okay simple enough, as far as he knows there are no secretive
policies or conspiracies going on at the Federal Reserve. He is not
saying there definitely isn’t, but to the best of his knowledge, he
doesn’t think there are.
So the next question we must ask is: What is the purpose of an audit?
According to the Merriam Webster Dictionary an Audit is: “A formal
examination of an organization’s or individual’s accounts
or financial situation.” In layman’s terms, an audit is done in order to
find out more about the party being audited, in this case financially.
Mr. Cain pinpoints the reasoning of an audit and responds to it this
way:
“But people who say we ought to audit the Federal Reserve because we don’t know enough about it, well; here’s the advice I’ve given to people who are worried about an audit of the Federal Reserve: Call them up and ask them if you can stop by and have one of their PR people or one of their public relations people explain to you how the Federal Reserve operates. I think a lot of people are calling for this audit of the Federal Reserve because they don’t know enough about it… you know we got 12 Federal Reserve banks, find out which district you are in, call them up and go from there.”
Herman Cain is not saying he is against an audit, all he is saying is
before you call for an audit, do all the research you can. You may
think that an audit is absolutely necessary, and that is fine, but why
is it so outrages that Cain is asking us to first talk to the Federal
Reserve itself, to find out what it does? He actually makes a lot of
sense, talk to the Fed, and if you are then not completely satisfied,
then go ahead and call for an audit, but exhaust all your research
assets first. Because, if there is nothing nefarious happening, then you
just:
“Waste money with another commission or an audit that’s not necessary.”
Now it’s ok if you disagree with Cain about an audit being a waste of
time and money, but you do have to admit there is absolutely nothing
outrages about Cain asking us to do full research before calling for an
audit. We must also recognize that there isn’t one shred of evidence in
this video that supports the notion that Herman Cain is against auditing
the Federal Reserve.
There are two specific attacks on Cain that have come out of this
video, which try to give external reasons on why Cain would say these
things.
Those arguments (mentioned before) are:
“Herman Cain is just backing up his buddies at the FED”
“Of Course he’d say that, He was on the board of (Expletive) Directors!”
Mr. Cain himself actually dispels these attacks during the clip that
caused all the controversy (he also does so in other interviews which
will be addressed later):
“I’m not being defensive of the Federal Reserve, in fact some of the policies, some of the actions of the Federal Reserve today, I don’t agree with! Because the attitude and the non-politicization of the 90’s when I served on it is totally different than what’s going on today.”
I find it funny that people accuse him of being a Federal Reserve/
Big Banker hack when he himself (before anybody ever attacked him for
it) unabashedly said that he was not sticking up for the Federal Reserve
because he does not agree with some of the things they are currently
doing (politicizing their actions and attitude). As well as the fact
that when he was working there, the attitude and actions of the Fed were
completely different from what is happening now (some simple research
can affirm this).
Now that it has been made clear that the attacks on Cain in regards
to this video are baseless, let’s move ahead to some other interviews
with Cain that further dispels the attacks. The following is taken from
an interview of Herman Cain’s by a radio host named Rusty Humphries;
“The Federal Reserve at different times in its history did what it was supposed to do better than others. I don’t agree with many of the policies of the Federal Reserve we have today. When I was on the board of the Federal Reserve and Allen Greenspan was chairman of the Federal Reserve We didn’t dream of doing some of the things they are doing today. Then, we didn’t have a 14 Trillion Dollar National debt that we were trying to pay off with the Federal Reserve printing money to buy our own debt, that’s like incest! We never even dreamed of that. Because the debt wasn’t as big as it was…”
Right away Mr. Cain dispels the attack that he is just sticking up
for the Fed, as he invited us to revisit some not-so-distant history. To
those who think he is “backing up his buddies at the Fed” he responds
with:
“I don’t agree with many of the policies of the Federal Reserve we have today. When I was on the board of the Federal Reserve and Allen Greenspan was chairman of the Federal Reserve We didn’t dream of doing some of the things they are doing today.”
He then explains some history of how the Fed worked in 1996 (when he
worked there), by telling us what they did not even dream about doing:
“Then, we didn’t have a 14 Trillion Dollar National debt that we were trying to pay off with the Federal Reserve printing money to buy our own debt, that’s like incest! We never even dreamed of that.”
A simple question comes to my mind after reading this; Would someone
who is really for what the Fed is currently doing, or at least backing
them up in their actions go so far as to compare it to incest? I don’t
think so; the only person who would go so far in comparison is someone
who means what he says.
We next turn to an interview that Herman Cain did with Glenn Beck;
Cain: “Yes, I was proud of the work of serving on that board for the following reasons. That Federal Reserve didn’t do any of the stuff that this Federal Reserve is doing. Secondly, Alan Greenspan never allowed the fed to become politicized, and the other difference between today and then is that we didn’t have this $14 trillion debt to deal with and as a result, they didn’t have to deflate or inflate our currency the way this Federal Reserve board is doing it. So yes, I did serve on the board.”
Glenn: “Are you for or against auditing the Fed?”
Cain: “I do not object to auditing the Fed, I absolutely do not object to auditing the Fed, what I said was: it’s not an issue that I’m going to carry the water for, but I would not object to it. It’s just not an issue that I want to take leadership on.”
Glenn: “How Come?”
Cain: “Cause, I don’t think they are going to find anything to be perfectly honest, based upon what I know about the Fed. Secondly they have internal controls out of the wazoo. I saw them; I was there on the board and got familiar with some of them. So this is why I’d rather focus on what do we need to do to truly boost this economic growth.”
That exchange is all pretty straight forward, when Mr. Cain was on
the Board of Directors for the Kansas City Federal Reserve, they didn’t
do nor did they think about doing what the current Federal Reserve is
doing. And when asked straight forward if he was against auditing the
Federal Reserve, Mr. Cain said he would not object to it, but he does
not feel we will learn much from it.
There are two more short interviews that further prove that Herman
Cain is not against auditing the Fed, the first coming from John
Hawkins:
“Q: What about the FED?"
Cain: Auditing the FED isn’t that important to me, but I don’t object to it….. I’m not a fan of the Fed; I just think we need some mechanism to do it.”
Again this answer is pretty self explanatory, so let’s move on to the
final interview, this one on television, again with Glenn Back:
“Glenn: Do you think the FED should be audited?”
“Cain: Yes, (but) it’s not going to be an issue I’m going to take leadership on.”
All you have to do is look at what Herman Cain actually says to
realize these attacks against him are baseless, however, let me quote
Steve Foley of http://citizens4cain.com:
“Some say, Cain is naive about asking the Fed directly what they are
up-to, and on the face of it, one would think “yeah-right they’re not
going to give you a straight answer”… to this I say, have you asked for a
tour of your district Fed Office and an explanation of what they do and
how they do it? Or is it easier just to believe the whole world is
after you? I’m not saying your wrong but if you haven’t at least done
the first step of due diligence your argument is weak, at best.
Others say, if the Fed lies to the House and Senate about what it’s
up-to, “you know they won’t tell you the truth if you ask”… then Cain is
right again and another audit of the Fed will yield zero results!
Herman Cain doesn’t believe you’re foolish for wanting to know what
the fed is up-to — he’s saying you’re asking the wrong question(s)
An Audit of the Fed doesn’t get to your end goal… framing the debate
to ask why the Fed is needed at all is what your focus should be! Plus,
knee-jerk decisions about who to support for president shouldn’t be
decided by a single issue nor should it hinge on whether or not that
candidate supports an auditing of the Federal Reserve! Ask the right
questions!”
Cain annoyed by ‘stupid’ questions from Ron Paul supporters
Sources:
(1) http://www.youtube.com/watch?v=Dhen9QiYai8 (No Need To Audit)
(2) http://www.youtube.com/watch?v=wI_oocjB3A8&feature=player_embedded (Rusty Humphries)
(3) http://www.glennbeck.com/2011/05/24/glenn-interviews-herman-cain/ (Beck Radio)
(4) http://rightwingnews.com/teleconferences/a-teleconference-with-herman-cain/ (John Hawkins)
(5) http://www.youtube.com/watch?v=wRTS6v7GzhE (Beck TV)
(6) http://www.youtube.com/watch?v=caeNXivEGEg&feature=related (Steve Foley)
(7) http://www.blogtalkradio.com/tppradio/2011/06/11/the-brazen-3-show (Unused “Brazen 3 Interview)
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